Thursday, February 26, 2015

Quick Trip Report

I'm back from Vegas. It was a quick trip and a lot of fun. I didn't play any poker, but I did stop by and look at a couple of poker rooms as we were checking out the strip. 

I went to Freemont street on Sunday night to get fried Oreos and check out the light show. As soon as the light show was over we walked to Mermaids for fried Oreos. No luck. They were cleaning up shop. 

One thing I noticed out there was a complete lack of tourists. It was almost like a ghost town compared to usual. It is usually slow this time of year but on Freemont street during the light show I counted 5 people out watching it not including us. 

I bid farewell to the Riviera. From now on if I go to Vegas I will be staying at a casino that offers poker. My next trip will probably be during the WSOP with the intentions of playing a lot of poker. 

Friday, February 13, 2015

Riviera Hotel and Casino to be Demolished?

Last week I saw that Riviera Hotel and Casino was being sold.  Today on I saw that Las Vegas Convention and Visitors Authority is buying Riviera with plans of demolition. mentioned that the official announcement is still a few days off with an expected announcement at the sale on Feb. 17, 2015.
The Riviera Hotel and Casino has always been my favorite casino.  I have a lot of good stories that came from staying there.  I will miss this gem in the desert. 
With my upcoming trip and stay booked at the Riviera next Saturday and Sunday, I will be paying close attention to the news next week.   

Thursday, February 5, 2015

2 Weeks and 2 Days

This month is going to fly by.  I tried to slow it down by booking a trip to Las Vegas the 21st - 23rd.  Usually it takes forever for a Vegas trip to get here.  Not this time.

I have poker on Monday nights.  Basketball is over, but my nights are now filled with preparations to buy a marina.  I have put together a business plan and my wife has helped tremendously by getting the cash flow projections together.  We have looked at personal finances, start up cost, calculated labor cost, and much much more.  We were able to get a lot of financial information from the original owners and they have been extreemly helpful in answering additional questions as they come up.

On Saturday they were on their way back to their Condo in Padre and sat in their car to keep cell phone reception just to answer questions for me as well as just talk about the business in general.

Tomorrow I meet with a SBA loan representative that also can write developement loans and authorize certain grants.  All of our hard work will be scrutinized tomorrow.  We have a bank that will carry the loan.  We just need the SBA to sign off on it.

I feel a lot better after looking deeply into the financials.  I knew there had to be a way to make money in the business and the financials show that I am right.  The owners confirmed that I was right and the owners accountant assured me I was right. 

If everything goes as planned I will be purchasing a marina by early March and transitioning to a business owner and operator immediately following.  I will be leaving a great job, so it has been a tough decision.  My dream is to wear shorts to work.  I may be doing a lot of that this summer.

I will still have some major work to do after tomorrow, and before we purchase the business.  I will be busy with my current job, preparing to leave.  I will be busy at night getting my ducks in a row at home. 

My wife is planning on staying behind for a while so we have a second source of income.  She can support us with her pay.  I will move up in a pop up camper and live behind the marina for the immediate future.  Campground showers and restrooms.  I'm planning on working 16 hour days, 7 days a week.  I know there will be some slow times I can take some breaks.  In the beginning the days will be a little shorter until we reach the busy season. 

I still plan on putting in my time to make this business venture successful.  I enjoy working hard.  With the business only being open 7 months a year, I plan on playing hard on my off time.  I may be able to find a job that I can work during my off time.

My life is crazy right now.  I have a whirlwind of emotions every day.  For the most part I am excited.  I feel alive.  I feel like all of the work experience I have gotten the last 13 years has been for this.  Marketing, Management, H.R., Payroll, Accounting, Purchasing, Bookkeeping.  All of this will contribute to the success of this business and make my transition a little easier. 

I have wondered why I have been tested so much the last 13 years.  This may be why.